Page:United States Statutes at Large Volume 97.djvu/121

 PUBLIC LAW 98-21 —APR. 20, 1983 97 STAT. 89 "Sec. 3510. Credit for increased social security employee taxes and railroad retirement tier 1 employee taxes imposed during 1984." (3) EFFECTIVE DATE.—The amendments made by this subsec- 26 USC 35io tion shall apply to remuneration paid during 1984. ^°^- (4) DEPOSITS IN SOCIAL SECURITY TRUST FUNDS.— For purposes 42 USC 4i8 note. of subsection (h) of section 218 of the Social Security Act (relat- 42 USC 418. ing to deposits in social security trust funds of amounts received under section 218 agreements), amounts allowed as a credit pursuant to subsection (d) of section 3510 of the Internal Reve- nue Code of 1954 (relating to credit for remuneration paid Ante, p. 88. during 1984 which is covered under an agreement under section 218 of the Social Security Act) shall be treated as amounts received under such an agreement. (5) DEPOSITS IN RAILROAD RETIREMENT ACCOUNT.— For purposes 45 USC 23in of subsection (a) of section 15 of the Railroad Retirement Act of "°*® 1974, amounts allowed as a credit under subsection (e) of section 45 USC 23in. 3510 of the Internal Revenue Code of 1954 shall be treated as amounts covered into the Treasury under subsection (a) of section 3201 of such Code. SEC. 124. TAXES ON SELF-EMPLOYMENT INCOME; CREDIT AGAINST SUCH TAXES FOR YEARS BEFORE 1990; DEDUCTION OF SUCH TAXES FOR YEARS AFTER 1989. (a) INCREASE IN RATES. — Subsections (a) and (b) of section 1401 of the Internal Revenue Code of 1954 (relating to rates of tax on self- 26 USC I40i. employment income) are amended to read as follows: "(a) OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE. — In addition to other taxes, there shall be imposed for each taxable year, on the self-employment income of every individual, a tax equal to the following percent of the amount of the self-employment income for such taxable year: "In the case of a taxable year Beginning after: And before: Percent: December 31, 1983 January 1, 1988 11.40 December 31, 1987 January 1, 1990 12.12 December 31, 1989 12.40 "(b) HOSPITAL INSURANCE. —In addition to the tax imposed by the preceding subsection, there shall be imposed for each taxable year, on the self-employment income of every individual, a tax equal to the following percent of the amount of the self-employment income for such taxable year: "In the case of a taxable year Beginning aften And before: Percent: December 31, 1983 January 1, 1985 2.60 December 31, 1984 January 1, 1986 2.70 December 31, 1985 2.90." (b) CREDIT FOR YEARS BEFORE 1990 AGAINST SELF-EMPLOYMENT TAXES.—Section 1401 of such Code is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: "(c) CREDIT AGAINST TAXES IMPOSED BY THIS SECTION.— "(1) IN GENERAL.— In the case of a taxable year beginning before 1990, there shall be allowed as a credit against the taxes imposed by this section for any taxable year an amount equal to

�